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June 15, 2018

ECB published the revised assessment methodology for payment systems. The revised methodology covers the requirements introduced by the revised systemically important payment systems (SIPS) Regulation, which entered into force in December 2017 and additionally references the Eurosystem’s Cyber Resilience Oversight Expectations (CROE), which are based on the CPMI-IOSCO guidance on cyber resilience for financial market infrastructures (June 2016). The CROE contain expectations for SIPS and non-SIPS that have differing maturity levels applicable to different types of systems.

The first part of the document contains questions for the assessment of payment systems (all categories) and the second part contains questions for the assessment of links between retail payment systems (RPSs). Overseers will use the questions in the left-hand column (which reflect the text and the requirements of the SIPS Regulation) if the payment system being assessed is classified as a SIPS and the relevant questions (based on CPMI-IOSCO methodology) from the right-hand column when assessing a payment system that is not a SIPS. The sequence of the assessment questions in the document follows the order of the articles of the SIPS Regulation. Competent authorities, which are the Eurosystem central banks with primary oversight responsibilities for one or more payment systems, are expected to regularly assess compliance of these systems with the requirements of the SIPS Regulation and/or the Principles for financial market infrastructures (PFMIs), whichever is applicable.

The assessment methodology of Eurosystem for payment systems serves to promote full observance of the requirements laid down in the SIPS Regulation or PFMIs by helping assessors to identify non-compliance and/or issues of concern that should be addressed. The answers to the questions will serve as the key input for actual oversight assessment; the assessment should always use the requirements, either in the SIPS Regulation or the PFMIs, as a reference. The Eurosystem assessment methodology takes the CPMI-IOSCO assessment methodology as a basis  and complements it with questions from the previously used “Terms of Reference for the oversight assessment of euro systemically and prominently important payment systems against the Core Principles,” thereby establishing one single framework for SIPS and non-SIPS. The methodology also covers the “Oversight expectations for links between retail payment systems” (November 2012).


Related Link: Revised Methodology (PDF)

Keywords: Europe, EU, PMI, PFMI, SIPS Regulation, Assessment Methodology, Payment Systems, Fintech, CPMI-IOSCO, ECB

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